Provident Financial Services, Inc (PFS) Rating Lowered to Strong Sell at BidaskClub

Provident Financial Services, Inc (NYSE:PFS) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Thursday.

Several other brokerages have also issued reports on PFS. Zacks Investment Research raised Provident Financial Services from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research report on Wednesday, August 2nd. Royal Bank Of Canada reissued a “buy” rating and issued a $30.00 target price on shares of Provident Financial Services in a research report on Friday, July 7th. ValuEngine lowered Provident Financial Services from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Piper Jaffray Companies reissued a “hold” rating and issued a $25.50 target price on shares of Provident Financial Services in a research report on Friday, July 14th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $27.00 target price on shares of Provident Financial Services in a research report on Friday, April 28th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Provident Financial Services has an average rating of “Hold” and an average target price of $26.90.

Shares of Provident Financial Services (NYSE PFS) traded down 0.48% during midday trading on Thursday, reaching $25.07. The company’s stock had a trading volume of 14,516 shares. The stock has a 50-day moving average price of $25.52 and a 200-day moving average price of $25.52. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 17.29 and a beta of 0.99. Provident Financial Services has a 52-week low of $20.20 and a 52-week high of $28.92.

Provident Financial Services (NYSE:PFS) last announced its earnings results on Friday, July 28th. The savings and loans company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. Provident Financial Services had a return on equity of 7.40% and a net margin of 25.39%. The firm had revenue of $83.87 million during the quarter, compared to analyst estimates of $81.24 million. During the same quarter in the prior year, the company earned $0.34 EPS. The business’s revenue was up 7.9% compared to the same quarter last year. Equities research analysts anticipate that Provident Financial Services will post $1.48 earnings per share for the current fiscal year.

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In related news, Director Carlos Hernandez sold 2,650 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $24.56, for a total transaction of $65,084.00. Following the completion of the transaction, the director now owns 81,408 shares of the company’s stock, valued at approximately $1,999,380.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.90% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Swiss National Bank raised its position in Provident Financial Services by 7.0% in the second quarter. Swiss National Bank now owns 104,600 shares of the savings and loans company’s stock worth $2,655,000 after buying an additional 6,800 shares during the period. Prudential Financial Inc. raised its position in Provident Financial Services by 14.1% in the second quarter. Prudential Financial Inc. now owns 436,745 shares of the savings and loans company’s stock worth $11,085,000 after buying an additional 54,110 shares during the period. Victory Capital Management Inc. raised its position in Provident Financial Services by 8.1% in the second quarter. Victory Capital Management Inc. now owns 31,655 shares of the savings and loans company’s stock worth $803,000 after buying an additional 2,364 shares during the period. Jennison Associates LLC raised its position in Provident Financial Services by 5.1% in the second quarter. Jennison Associates LLC now owns 51,163 shares of the savings and loans company’s stock worth $1,299,000 after buying an additional 2,497 shares during the period. Finally, BNP Paribas Arbitrage SA raised its position in Provident Financial Services by 56.8% in the second quarter. BNP Paribas Arbitrage SA now owns 22,089 shares of the savings and loans company’s stock worth $561,000 after buying an additional 8,003 shares during the period. 62.50% of the stock is owned by institutional investors.

Provident Financial Services Company Profile

Provident Financial Services Inc is a holding company for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas.

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